I am not in a position to travel far from Stanmore. What is the rationale as to why all Stanmore property lawyers aren't included on all bank panels?
As unjust as it may appear for lenders to restrict who can represent them, from the public’s or conveyancer’s standpoint, the other side of the coin is that lenders are increasingly anxious and consider it essential to protect them from mortgage fraud. As a consequence of this concern lenders are limiting their conveyancing panel to a size that they are happy to control.
I am nearing an exchange on a flat in Stanmore and my mum and dad have transferred the exchange deposit to my lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my lender. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Is there a reason why leasehold purchase conveyancing in Stanmore costs more?
The conveyancing costs on a leasehold property in Stanmore is frequently greater when contrasted to a freehold transaction. This is because there is an amount of supplemental work necessary in liaising with the landlord and managing agents to collate the evidence concerning whether the rent and maintenance fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
My solicitor has informed me that flying freehold insurance is required on my purchase. What is the level of cover for Stanmore conveyancing?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
Is it the case that all Stanmore solicitor firms on the TSB conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the TSB conveyancing panel they would need to be overseen by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
We have a mortgage agreed in principle with Santander. Stanmore conveyancing lawyers have been instructed. How long does it take for Santander to send the offer to the conveyancer?
Some lenders take longer than others. Have Santander completed the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The solicitors who handled the conveyancing in Stanmore 10 years ago are no longer around. What are my options?
Assuming you have a registered title the information relating to your ownership will be held by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and get up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
How does conveyancing in Stanmore differ for new build properties?
Most buyers of new build premises in Stanmore approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is built. This is because builders in Stanmore tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stanmore or who has acted in the same development.